Seair Reports Q2 FY2015 Results and Issuance of Shares in Satisfaction of Bond Interest Payment
April 14, 2015 (Source: Newsfile) — Seair Inc. (TSXV: SDS) (“Seair” or the “Corporation”) is pleased to announce that it has filed its financial statements and Management’s Discussion and Analysis for the quarter ended February 28, 2015. Interested parties may view or download copies of these documents from www.SEDAR.com.
Seair also announces that in accordance with the terms of a trust indenture entered into between the Company and BNY Trust Company Of Canada dated as of October 31, 2012, as supplemented by the first supplemental indenture made effective October 31, 2013 and as further supplemented by the second supplemental indenture made effective May 14, 2014 (collectively, the “Indenture“), they have agreed to issue an aggregate of 343,399 common shares in the capital of the Company (the “Common Shares“) to holders of the Company’s 8% Secured, Subordinate, Convertible, Redeemable Debentures (the “Debentures“) in satisfaction of an aggregate of $99,585.48 interest payable to holders of Debentures on March 31, 2015.
The issuance of the Common Shares has been conditionally accepted by the TSX Venture Exchange (the “Exchange“). Receipt of the Exchange’s final acceptance for the issuance will be subject to the Company complying with all requirements of the Exchange. The Company anticipates that holders of Debentures should receive their Common Shares in lieu of cash interest on the Debentures on or about April 13, 2015.
About Seair Inc.
Seair Inc. is a Calgary based cleantech company. Seair has commercialized proprietary technology that can diffuse gases, such as oxygen, ozone and carbon dioxide, into liquids more effectively and with lower power consumption than the competition. Seair’s patented technologies can produce micron size bubbles that are more efficient than other diffusion technologies because the diffused gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. Seair has been working with customers in the Oil and Gas industry for over five years. Seair applications include oil sands SAGD water solutions, frac and produced water treatment, industrial ponds treatment, mine dewatering/treatment, end-to-end sewage treatment for permanent residential communities and remote work camps, golf course irrigation and pond treatment and most recently, industrial emissions treatment. Parties interested in obtaining further information or receiving news releases and corporate documents from Seair may email such requests to firstname.lastname@example.org or visit the Seair website at www.seairinc.com.
Statement Regarding Forward-Looking Information
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This news release of Seair contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Seair’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking statements in this document include statements regarding Seair’s expectations regarding the regulatory approval of the issuance of Common Shares in satisfaction of interest payable on the Debentures and the timing of the delivery of such Common Shares. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Seair’s expectations. Seair undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>